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Septerna

SEPN Rare disease Lead: Phase 1 1 Biotech Distilled article ↓ 15 filings & releases ↓ Cash $84.7M (Jun 30, 2026) ↓ 1 verdict ↓
ImmunologyMetabolicOphthalmology Small Molecule

Market cap $2.28B 46.7M shares (10-Q, Aug 5, 2026) × $48.85 close Nov 6, 2026

Most recent annual filing: 2026-03-09

Catalyst timeline

5 trackedQuarter catalyst calendar →
  1. Septerna corporate update~Nov 9–12, 2026Septerna corporate update, ~Nov 9–12, 2026, routine
  2. SEP-479 Ph1 topline1Q 2027SEP-479 Ph1 topline, 1Q 2027, thesis-defining
  3. SEP-204 Ph1 start1Q 2027SEP-204 Ph1 start, 1Q 2027, notable
  4. Immunovant IMVT-1402 pivotal readout2027Immunovant IMVT-1402 pivotal readout, 2027, notable
  5. BridgeBio encaleret PDUFA dateMay 8, 2027BridgeBio encaleret PDUFA date, May 8, 2027, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (5 active programs)

Technology platforms

Native Complex Platform · Novo Nordisk

Proprietary GPCR drug discovery platform that replicates the natural structure, function, and dynamics of GPCRs outside of cells at industrial scale. Enables isolation, purification, and reconstitution of full-length GPCR proteins in ternary complexes with ligands and transducer proteins in a lipid bilayer. Supports structure-based drug design of oral small molecule agonists, antagonists, and allosteric modulators across endocrinology, immunology, inflammation, and metabolic diseases. Used both in wholly-owned programs and in collaboration with Novo Nordisk for GLP-1, GIP, and glucagon receptor-targeted metabolic disease programs.

Targets: GLP-1 receptor, GIP receptor, glucagon receptor, MRGPRX2, PTH1R, TSHR, GLP-1R, GIPR, GCGR

Native Complex Platform

Industrialized GPCR drug discovery platform enabling isolation of fully functional GPCR proteins in native lipid bilayer complexes; supports high-resolution structure determination, screening of billions of compounds, and iterative structure-based drug design; focus on difficult-to-drug GPCRs across endocrinology, immunology/inflammation, neurology, women's health, cardiovascular, respiratory, and metabolic diseases

Discontinued (1)

Capital (as filed)

Cash
$84.7M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$288M Jun 30, 2026
Long-term investments
$144M Jun 30, 2026
Operating cash flow
−$22.2M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$550M cash, runway at least into 2029 per the deep dive of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (1)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (1 call)

Every verdict Biotech Distilled has published on Septerna, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-11-06 Watch Septerna (SEPN) - Scientific Deep Dive for SEP-479, SEP-204 and Pipeline Products At ~$1.5B EV with no patient PD data and two prior oral PTH1R agonist failures, the stock is fairly priced for the Q1 2027 binary; wait for clean MAD safety/PD data or a price near $30–35 before entering.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (15)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. No press release captured yet; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

3 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)